In entity A’s first quarter Statement of Appropriations, Allotments, Obligations, Disbursements and Balances, how much is “unobligated allotments” P6B P5B P10B P15B The receipt of an allotment is recorded by a government entity in the? RAOD ORS RAPAL a and c The incurrence of an obligation for future delivery or performance by the oblige is recorde by a government entity in the RAOD ORS RAPAL a and b The receipt of an appropriation is recorded by a government entity in the RAOD ORS RAPAL a and b The entry to record the receipt of Notice of Cash allocation (NCA) by a government entity is: Debit Cash-Modified Disbursement System (MDS), Regular; Credit Accumulated Surplus (Deficit) Debit Cash-Modified Disbursement System (MDS), Regular; Credit Subsidy from National Government Debit Cash Collecting Officer; Credit Subsidy from National Government No Entry According to the Revised Chart of Accounts issued by COA, the “Subsidy from National Government” account is Asset Account Liability Account Revenue Account Equity Account Which of the following is not one of the necessary closing entries of a government equity? Closing of the “Cash-Treasury/Agency Deposit, Regular” account to the Accumulated Surplus/Deficit” account Closing of the “Subsidy from National Government” account to the “Revenue and Expense Summary” account Closing of income and expense accounts to the “Revenue and Expense Summary” account Closing of the net balance of “Revenue and Expenses Summary” account to the “Subsidy from National Government” account. A government entity pays an accounts payable. The entry to record the payment will most likely include a Debit to “Cash-Modified Disbursement System (MDS), Regular Account. Credit to “Due to BIR” account Credit to the “Cash-Treasury/Agency Deposit, Regular’ account None of these. The event is recorded only in the registries and the obligation request and status. In accordance with the GAM for NGAs and the Revised Chart of Accounts, how does a government entity recognize the uncollectability of accounts receivable? By debiting the “Bad debts Expense” account Be debiting the “Impairment Loss-Loans and Receivable Account.” By debiting the “Allowance for Impairment-Accounts Receivable Account. b and c The “Subsidy from National Government” account is credited when recording a Receipt of NCA Reversion of unused NCA Constructive remittance of customs duties or taxes withheld through TRA a and c Expenditures to acquire long-term assets are most likely classified as Personnel Services (PS) Maintenance and Other Operating Expenses (MOOE) Financial Expenses (FE) Capital Outlay (CO) Which of the following is a non-exchange transaction? Leasing Collection of taxes Rendering of Legal services Collection of tuition fees Entity A enter into a long-term contract to provide service. The outcome of the transaction can be estimated reliably and the progress on the contract can be measured with sufficient reliability. According to PPSAS, how should entity A recognize revenue from the contract? On a straight-line basis over the contract term By reference to the stage of completion of the contract at the reporting date Full recognition of contract price upon completion of the contract Only to the extent of costs that are expected to be recovered. According to GAM for NGAs, interest revenue is recognized On a time proportion basis using effective interest method On a straight line basis In accordance with the substance of the relevant loan agreement When the entity’s right to receive payment is established. The taxable event for Value Added Tax (VAT) is the Undertaking of a taxable activity Earning of a taxable income Movement of dutiable goods or services across the customs boundary Any of these Which of the following would result to an increase or decrease in the revenue reported by a government entity in its statement of financial performance? Impairment loss on amount already recognized as revenue Receipt of a pledge Receipt of donation in the form of service in kind The repayment of loan payable is forgiven It is a type of fund held by government entity that is designated for special purposes. General fund Special Fund Trust Fund Fiduciary Fund The national government receives a foreign grant conditioned on the construction of a public infrastructure. According to the GAM for NGAs, when does the national government recognize revenue from the grant Upon receipt of the grant When the grant becomes receivable, provided there is reasonable assurance that the attached condition will be satisfied. When the condition is met When the related expenses for which the grant is intended to compensate are incurred The receipt of which of the following may not give rise to the revenue by a government entity? Notice of Cash Allocation Tax Remittance Advice Subsidy from another Government entity Inter-agency fund transfer

In entity A’s first quarter Statement of Appropriations, Allotments, Obligations, Disbursements and Balances, how much is “unobligated allotments” P6B P5B P10B P15B The receipt of an allotment is recorded by a government entity in the? RAOD ORS RAPAL a and c The incurrence of an obligation for future delivery or performance by the oblige is recorde by a government entity in the RAOD ORS RAPAL a and b The receipt of an appropriation is recorded by a government entity in the RAOD ORS RAPAL a and b The entry to record the receipt of Notice of Cash allocation (NCA) by a government entity is: Debit Cash-Modified Disbursement System (MDS), Regular; Credit Accumulated Surplus (Deficit) Debit Cash-Modified Disbursement System (MDS), Regular; Credit Subsidy from National Government Debit Cash Collecting Officer; Credit Subsidy from National Government No Entry According to the Revised Chart of Accounts issued by COA, the “Subsidy from National Government” account is Asset Account Liability Account Revenue Account Equity Account Which of the following is not one of the necessary closing entries of a government equity? Closing of the “Cash-Treasury/Agency Deposit, Regular” account to the Accumulated Surplus/Deficit” account Closing of the “Subsidy from National Government” account to the “Revenue and Expense Summary” account Closing of income and expense accounts to the “Revenue and Expense Summary” account Closing of the net balance of “Revenue and Expenses Summary” account to the “Subsidy from National Government” account. A government entity pays an accounts payable. The entry to record the payment will most likely include a Debit to “Cash-Modified Disbursement System (MDS), Regular Account. Credit to “Due to BIR” account Credit to the “Cash-Treasury/Agency Deposit, Regular’ account None of these. The event is recorded only in the registries and the obligation request and status. In accordance with the GAM for NGAs and the Revised Chart of Accounts, how does a government entity recognize the uncollectability of accounts receivable? By debiting the “Bad debts Expense” account Be debiting the “Impairment Loss-Loans and Receivable Account.” By debiting the “Allowance for Impairment-Accounts Receivable Account. b and c The “Subsidy from National Government” account is credited when recording a Receipt of NCA Reversion of unused NCA Constructive remittance of customs duties or taxes withheld through TRA a and c Expenditures to acquire long-term assets are most likely classified as Personnel Services (PS) Maintenance and Other Operating Expenses (MOOE) Financial Expenses (FE) Capital Outlay (CO) Which of the following is a non-exchange transaction? Leasing Collection of taxes Rendering of Legal services Collection of tuition fees Entity A enter into a long-term contract to provide service. The outcome of the transaction can be estimated reliably and the progress on the contract can be measured with sufficient reliability. According to PPSAS, how should entity A recognize revenue from the contract? On a straight-line basis over the contract term By reference to the stage of completion of the contract at the reporting date Full recognition of contract price upon completion of the contract Only to the extent of costs that are expected to be recovered. According to GAM for NGAs, interest revenue is recognized On a time proportion basis using effective interest method On a straight line basis In accordance with the substance of the relevant loan agreement When the entity’s right to receive payment is established. The taxable event for Value Added Tax (VAT) is the Undertaking of a taxable activity Earning of a taxable income Movement of dutiable goods or services across the customs boundary Any of these Which of the following would result to an increase or decrease in the revenue reported by a government entity in its statement of financial performance? Impairment loss on amount already recognized as revenue Receipt of a pledge Receipt of donation in the form of service in kind The repayment of loan payable is forgiven It is a type of fund held by government entity that is designated for special purposes. General fund Special Fund Trust Fund Fiduciary Fund The national government receives a foreign grant conditioned on the construction of a public infrastructure. According to the GAM for NGAs, when does the national government recognize revenue from the grant Upon receipt of the grant When the grant becomes receivable, provided there is reasonable assurance that the attached condition will be satisfied. When the condition is met When the related expenses for which the grant is intended to compensate are incurred The receipt of which of the following may not give rise to the revenue by a government entity? Notice of Cash Allocation Tax Remittance Advice Subsidy from another Government entity Inter-agency fund transfer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In entity A’s first quarter Statement of Appropriations, Allotments, Obligations, Disbursements and Balances, how much is “unobligated allotments”
1. P6B
2. P5B
3. P10B
4. P15B
The receipt of an allotment is recorded by a government entity in the?
1. RAOD
2. ORS
3. RAPAL
4. a and c
The incurrence of an obligation for future delivery or performance by the oblige is recorde by a government entity in the
1. RAOD
2. ORS
3. RAPAL
4. a and b
The receipt of an appropriation is recorded by a government entity in the
1. RAOD
2. ORS
3. RAPAL
4. a and b
The entry to record the receipt of Notice of Cash allocation (NCA) by a government entity is:
1. Debit Cash-Modified Disbursement System (MDS), Regular; Credit Accumulated Surplus (Deficit)
2. Debit Cash-Modified Disbursement System (MDS), Regular; Credit Subsidy from National Government
3. Debit Cash Collecting Officer; Credit Subsidy from National Government
4. No Entry
According to the Revised Chart of Accounts issued by COA, the “Subsidy from National Government” account is
1. Asset Account
2. Liability Account
3. Revenue Account
4. Equity Account
Which of the following is not one of the necessary closing entries of a government equity?
1. Closing of the “Cash-Treasury/Agency Deposit, Regular” account to the Accumulated Surplus/Deficit” account
2. Closing of the “Subsidy from National Government” account to the “Revenue and Expense Summary” account
3. Closing of income and expense accounts to the “Revenue and Expense Summary” account
4. Closing of the net balance of “Revenue and Expenses Summary” account to the “Subsidy from National Government” account.
A government entity pays an accounts payable. The entry to record the payment will most likely include a
1. Debit to “Cash-Modified Disbursement System (MDS), Regular Account.
2. Credit to “Due to BIR” account
3. Credit to the “Cash-Treasury/Agency Deposit, Regular’ account
4. None of these. The event is recorded only in the registries and the obligation request and status.
In accordance with the GAM for NGAs and the Revised Chart of Accounts, how does a government entity recognize the uncollectability of accounts receivable?
1. By debiting the “Bad debts Expense” account
2. Be debiting the “Impairment Loss-Loans and Receivable Account.”
3. By debiting the “Allowance for Impairment-Accounts Receivable Account.
4. b and c
The “Subsidy from National Government” account is credited when recording a
1. Receipt of NCA
2. Reversion of unused NCA
3. Constructive remittance of customs duties or taxes withheld through TRA
4. a and c
Expenditures to acquire long-term assets are most likely classified as
1. Personnel Services (PS)
2. Maintenance and Other Operating Expenses (MOOE)
3. Financial Expenses (FE)
4. Capital Outlay (CO)
Which of the following is a non-exchange transaction?
1. Leasing
2. Collection of taxes
3. Rendering of Legal services
4. Collection of tuition fees
Entity A enter into a long-term contract to provide service. The outcome of the transaction can be estimated reliably and the progress on the contract can be measured with sufficient reliability. According to PPSAS, how should entity A recognize revenue from the contract?
1. On a straight-line basis over the contract term
2. By reference to the stage of completion of the contract at the reporting date
3. Full recognition of contract price upon completion of the contract
4. Only to the extent of costs that are expected to be recovered.
According to GAM for NGAs, interest revenue is recognized
1. On a time proportion basis using effective interest method
2. On a straight line basis
3. In accordance with the substance of the relevant loan agreement
4. When the entity’s right to receive payment is established.
The taxable event for Value Added Tax (VAT) is the
1. Undertaking of a taxable activity
2. Earning of a taxable income
3. Movement of dutiable goods or services across the customs boundary
4. Any of these
Which of the following would result to an increase or decrease in the revenue reported by a government entity in its statement of financial performance?
1. Impairment loss on amount already recognized as revenue
2. Receipt of a pledge
3. Receipt of donation in the form of service in kind
4. The repayment of loan payable is forgiven
It is a type of fund held by government entity that is designated for special purposes.
1. General fund
2. Special Fund
3. Trust Fund
4. Fiduciary Fund
The national government receives a foreign grant conditioned on the construction of a public infrastructure. According to the GAM for NGAs, when does the national government recognize revenue from the grant
1. Upon receipt of the grant
2. When the grant becomes receivable, provided there is reasonable assurance that the attached condition will be satisfied.
3. When the condition is met
4. When the related expenses for which the grant is intended to compensate are incurred
The receipt of which of the following may not give rise to the revenue by a government entity?
1. Notice of Cash Allocation
2. Tax Remittance Advice
3. Subsidy from another Government entity
4. Inter-agency fund transfer

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